Salesforce (NYSE:CRM) Stock Price Down 1.4% on Insider Selling

Salesforce, Inc. (NYSE:CRM)’s share price was down 1.4% on Friday after an insider sold shares in the company. The company traded as low as $278.06 and last traded at $279.53. Approximately 1,550,590 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 6,890,426 shares. The stock had previously closed at $283.42.

Specifically, insider Miguel Milano sold 705 shares of Salesforce stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total transaction of $197,005.20. Following the completion of the sale, the insider now owns 9,323 shares of the company’s stock, valued at approximately $2,605,219.12. The trade was a 7.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Ratings Changes

A number of analysts have commented on CRM shares. Wells Fargo & Company lowered their target price on shares of Salesforce from $310.00 to $255.00 and set an “equal weight” rating for the company in a report on Tuesday, April 22nd. BMO Capital Markets reaffirmed an “outperform” rating on shares of Salesforce in a report on Wednesday, March 19th. Bank of America lowered their target price on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Morgan Stanley lowered their target price on shares of Salesforce from $405.00 to $393.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Macquarie reaffirmed a “neutral” rating and set a $320.00 target price on shares of Salesforce in a report on Thursday, March 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $351.59.

Salesforce Stock Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s fifty day moving average price is $268.46 and its 200-day moving average price is $306.58. The company has a market capitalization of $262.51 billion, a P/E ratio of 44.91, a PEG ratio of 2.58 and a beta of 1.42.

Salesforce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.62%. This is a boost from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Thursday, April 10th. Salesforce’s dividend payout ratio is presently 26.10%.

Institutional Investors Weigh In On Salesforce

A number of institutional investors and hedge funds have recently modified their holdings of the company. Tallon Kerry Patrick acquired a new position in Salesforce in the 4th quarter valued at about $236,000. Red Door Wealth Management LLC grew its stake in Salesforce by 7.5% in the 4th quarter. Red Door Wealth Management LLC now owns 20,680 shares of the CRM provider’s stock valued at $6,914,000 after buying an additional 1,451 shares during the last quarter. Secure Asset Management LLC grew its stake in Salesforce by 5.5% in the 4th quarter. Secure Asset Management LLC now owns 7,351 shares of the CRM provider’s stock valued at $2,458,000 after buying an additional 380 shares during the last quarter. Apeiron RIA LLC acquired a new position in Salesforce in the 4th quarter valued at about $264,000. Finally, Montecito Bank & Trust grew its position in shares of Salesforce by 12.6% during the 4th quarter. Montecito Bank & Trust now owns 4,270 shares of the CRM provider’s stock worth $1,428,000 after purchasing an additional 477 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.